- Sui price action has consolidated into a full-swing, u-shaped recovery rally since May 2023.
- SUI could extend the gains almost 5% to reclaim its all-time high of $2.00.
- The bullish thesis will be invalidated if the altcoin breaks and closes below the 61.8% Fibonacci level of $1.2742.
Sui (SUI) price recorded its all-time high of $2.00 on May 3, 2023, and has been trying to reclaim it since. After almost eight months, the altcoin could reclaim this helm amid a broader recourse in the cryptocurrency market.
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Sui price to recover its peak price
Sui (SUI) price appears poised to reclaim its peak price of $2.00, a level last seen almost a year ago. A look at the Relative Strength Index (RSI) shows that SUI is already overbought. However, with the RSI still northbound, momentum is still rising. This could bode well for the Sui price.
The bulls continue to maintain a dominant presence in the SUI market, which can be seen with the large volume of green histogram bars on both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD).
With these technicals, the odds continue to favor the upside, and the altcoin could extend almost 5% to recover its peak price. In a highly bullish case, Sui price could clear this blockade to record a new local top.
SUI/USDT 1-day chart
On the flip side, if profit-booking kicks in, Sui price could descend past the key levels indicated by the 78.6%, 61.8% and 50% Fibonacci levels at $1.5934, $1.2742 and $1.0500, respectively. The bullish thesis would be invalidated if the price breaks and closes below the 61.8% retracement level at $1.2742.
To support the bearish supposition, the RSI shows that SUI is already overbought at 72. A breach above the 70 level often precipitates a correction. Moreover, the price’s current Spent Output Profit Ratio (SOPR) hints at a possible correction given that it has increased above 1 as a 30-day Simple Moving Average (SMA). This ratio means that BTC holders who are sitting on unrealized profits at current Bitcoin prices may soon cash in on their gains.
With this, a potential correction could be underway, making it vital that investors fight off the urge to board the train on the back of the fear of missing out (FOMO). Instead, they ought to wait for the SOPR rate to fall below 1 before they can enter the market.